Frugal Innovation in Medical Devices and Technologies: The India Opportunity
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The global market for medical devices and technologies is expanding rapidly, creating new opportunities for Australian businesses, research organisations and non-government organisations. Developing countries are increasing their share of global demand for medical devices and technologies as rising incomes enable more people to access high-quality healthcare. As a consequence, cost considerations have become increasingly important in the design and delivery of medical goods and services.
This report offers new insight into the importance of frugal innovation in the development of medical devices and technologies for the global market. In focusing on India, it provides a snapshot of one of the world’s most dynamic centres of low-cost innovation. Frugal Innovation in Medical Devices and Technologies—The India Opportunity is the first report to discuss opportunities for Australian developers and producers of medical devices and technologies in India created by the rise of frugal innovation. MTPConnect and Asialink Business’ collaboration on this report is based on a shared understanding that Australia’s 1,285 MTP businesses, which exported $6.5 billion worth of goods in 2018,1 are best placed to increase their global competitiveness when they are across the major global trends shaping their industries. It also recognises the growing space for collaboration between research institutions and other non-government organisations in innovating for emerging markets.
We would like to thank Austrade for their outstanding in-market support and expert review of this report. We would also like to thank all the businesses, industry organisations and government bodies that have contributed to the development of this report.